In September 2015, Glencore began seeking an injection of investor capital as part of its plan to reduce its debt load by $10 billion, and in April of this year it was announced that the Canada Pension Plan Investment Board (CPPIB) purchased a 40% stake in Glencore Agri for $2.5 billion.
One month later, the group announced that its total agricultural production for the first quarter of 2016 increased by 89% compared to the same time period a year before – jumping from 1.38 million tons in Q1 2015 to 2.606 million tons in Q1 2016, reports World Grain.
Oilseed crush volume increased by 91% year on year from 955,000 tons in Q1 2015 to 1.826 million tons in Q1 2016.
Wheat milling for the quarter saw a slight increase, climbing to 239,000 tons in Q1 2016 from 236,000 tons in Q1 2015.
Rice milling saw a 19% increase year on year, increasing from 47,000 tons in Q1 2015 to 56,000 tons in Q1 2016.
Lynda Kiernan is Editor with HighQuest Group Media and of the Oilseed & Grain News. If you would like to submit a contribution for consideration, please contact Ms. Kiernan at firstname.lastname@example.org.